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Zinc facility investment to cut imports, generate billions of dollars | Daily Sabah – Daily Sabah

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After eliminating terrorist elements in Turkey’s eastern and southeastern regions, where the PKK terrorist organization had been conducting terrorist attacks against both civilians and the country’s security forces for decades, investments have started to pour into the provinces in the region.

One of the latest such moves is Lineer Metal Inc.’s zinc facility, which was established through a Turkish-Qatari partnership in an Organized Industrial Zone (OIZ) in southeastern Siirt with the aim of cutting down the country’s annual 250,000 tons of zinc imports.

The facility – which is completing construction – consists of three stages. The first was implemented with an investment of $102 million (TL 988.5 million) and will be opened on Nov. 20 with the participation of President Recep Tayyip Erdoğan. The total investment of the facility, of which the remaining stages will be completed by 2023, will reach $500 million.

Turkey imports all of its zinc, which is used in the automotive, iron-steel and white goods industries, causing an average current account deficit of $1 billion.

When the facility becomes operational, it is set to make a strong contribution to the country’s economy by cutting this outside dependency.

The facility where the zinc mine is located in the mining areas of Siirt and nearby Şırnak and Hakkari provinces will process zinc on-site, leading to an initial 40% reduction of imports, preventing a deficit of $400 million. When all stages of the facility are complete, imports will be circumvented entirely. The facility, which will provide direct employment to a total of 3,500 in the factory in Siirt and 2,500 in the mines in Hakkari and Şırnak, is set to employ 7,500 people in 2023.

Yasin Aktay, honorary chairperson of Lineer Metal Inc., drew attention to the strategic importance of the investment, noting that Turkey currently imports all of the 250,000 tons of zinc that it consumes annually.

“Our facility will reduce Turkey’s zinc imports by 40% with a production of 90,000 tons in the first place. Over time, we will increase the capacity,” he said. Aktay also said that the foundations of two more factories that will process lead-silver and sulfuric acid will be laid as part of the same initiative, on the day of the opening of the zinc smelting facility.

Aktay underlined that the project is the largest industrial investment ever made in the region.

Fikret Baydarman, Lineer Metal Inc. chairperson of the board of directors, stated that all the raw materials needed for zinc and lead production will be sourced from Turkey, adding that rich raw material deposits required for zinc production had been discovered, particularly in Hakkari and Şırnak.

Explaining that 90% of zinc is imported from Spain, Baydarman said: “There was no facility to separate the minerals in Turkey. The found minerals were sent abroad, sorted and brought to our country. We could not process our ore. We will prevent this with domestic and national investment.”

Qatar’s Sheikh Abdulaziz has a 50% partnership in the investment. Ihap Şihe, the consultant for the Qatari company in the investment partnership, said that they had been investing in Turkey for six years with a focus on real estate and tourism.

Calling on Arab investors to change their perspectives, Şihe said, “I invite Arab investors to invest in the energy and mining sectors rather than real estate.”

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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